Summary

Creates a narrow exception to the Regulation D ban on general solicitation so that issuers can make presentations or communications at qualifying angel-investor events without that rule applying, subject to defined sponsor, venue, advertising, and disclosure limits. The SEC must revise Regulation D within six months of the law taking effect to implement these changes; the rule change applies only to presentations/communications at covered events and does not alter how purchases or sales are treated or automatically create a pre-existing investor relationship.

• Directs the SEC to revise Regulation D within six months to exempt issuer presentations at qualifying angel-investor events from the general solicitation ban.
• Applies only to presentations/communications at covered events, not to purchases or sales of securities.
• Defines "angel investor group" and "issuer" and sets eligibility rules for events and sponsors.
• Imposes venue, sponsor, and advertising limits to keep the exemption narrowly tailored.
• Requires a one-page risk disclosure to be provided at covered events.
• Permits limited issuer statements about offerings during permitted presentations, but not broad public advertising.
• Clarifies that mere attendance at such an event does not automatically establish a pre-existing substantive investor relationship under Rule 506(b).
• Leaves existing securities laws and enforcement mechanisms in place; it instructs the SEC to change its rule language rather than creating new enforcement by statute.